Transatlantic ticket sales lift British Airways and IAG to ever higher annual profits

Booming transatlantic ticket sales have lifted British Airways and its parent group to ever higher annual profits. International Airlines Group, led by BA, announced post-tax profits edging up to E2.73b for 2024, with operating profits up by 22% on the previous bumper year to E4.3b , as passenger numbers continued to rebound from the Covid-era collapse. The bulk of the operating profit was driven by the British flag-carrier for the Spain-based group that also contains Iberia, Vueling and Level, as well as Ireland’s Aer Lingus. The performance was seen as vindication of measures including a £7bn “turnaround” investment in BA, including new lounges and better technology to counter a faltering reputation for service and repeated IT-related failures. The CE of IAG, Luis Gallego, claimed the results reflected “the successful execution of our transformation programme”. IAG also grew its capacity by 6% overall last year, including on the lucrative transatlantic market, with BA now the market leader on London-US routes and Iberia increasing its share of the Latin American market from Europe. Gallego said: “We are focused on continuing to make our brands the first choice for customers, by growing our network and enhancing the customer proposition, while our disciplined capital allocation ensures we can continue to invest in the business, deliver strong financial results and create sustainable value for our shareholders.”<br/>